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Economic Pact with Singapore to Take Effect April 19

  • Release Department:MainDepartment
  • Data Source:Department of NGO International Affairs

Press Release No. 061

The Agreement between Singapore and the Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu on Economic Partnership (ASTEP) will come into force on April 19, 2014. This follows the March 20 exchange of letters by Representative of the Republic of China (Taiwan) to Singapore Fadah Hsieh and Singapore’s Trade Representative to Taiwan Calvin Eu signifying that both countries had completed their respective legal and administrative procedures to implement the Agreement.

The signing of the Agreement last November 7 marked the first time Taiwan had completed a trade agreement with a major trade partner in Southeast Asia. In 2013, two-way trade topped US$28.1 billion, and Singapore was Taiwan’s fifth-largest trade partner (fourth for exports, sixth for imports). Singapore is a member of the Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, boasts an open economy, and is deeply involved in regional economic integration.

The Agreement will benefit both parties economically, spur economic cooperation and investment, bolster the liberalization and internationalization of Taiwan’s trade, and increase the nation’s economic clout and competitiveness. The inking of such a pact is part of creating conditions for Taiwan’s accession to the TPP and the RCEP. (E)